Innovation in Compliance with Tom Fox Thomas Fox
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- Business
Innovation in compliance brings you interviews with industry leading experts who are changing the way practitioners approach compliance. Host Tom Fox, the Compliance Evangelist and Voice of Compliance is driving the conversation about compliance into the 2020s and beyond with his focus on innovations for the compliance practitioner and the compliance profession. If you want to learn how to bring business solutions to compliance problems to more fully operationalize compliance, this is the podcast for you.
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Succession Planning and The Evolving Workforce: From Millennials to Gen Z
Innovation comes in many forms, and compliance professionals need to not only be ready for it but also embrace it.
In this episode, Tom Fox visits with Lisa Levy, a thought leader renowned for her expertise in addressing succession planning challenges. We take a deep dive into this topic on this edition of Innovation in Compliance.
Lisa believes that succession planning in 2024 is more important than ever due to the complexities introduced by having five generations in the workforce, each with diverse expectations and work ethics. Lisa advocates for embedding succession planning into company culture as a strategic, intentional exercise that involves understanding employees' skills, aspirations, and institutional knowledge to nurture and grow talent internally. She champions the use of technology, such as AI tools, to personalize growth plans and emphasizes the need for continuous evaluation, transparency, and communication to implement a successful succession planning framework, ensuring organizational resilience and smooth leadership transitions.
We discuss how the younger generations, including millennials and Gen Z, have shifted the employment paradigm by seeking roles that align with their values. Lisa reflects on their own journey of becoming 'wholly unemployable' over 15 years and highlights how Gen Z entered the workforce during the pandemic, taking on gigs like Uber and DoorDash as traditional roles were shut down. This generational shift shows a move towards prioritizing personal fulfillment over conventional job security.
Key Highlights:
Lisa Levy on her Unemployable Journey
Millennials and Value-Driven Careers
The Paradigm Shift in Employment
Gen Z's Workforce Entry During the Pandemic
Resources:
Lisa Levy on LinkedIn
The Preferred Disruption and Innovation Catalyst
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Optimizing Financial Crime Detection with Minerva
Innovation comes in many forms, and compliance professionals need to not only be ready for it but also embrace it. In this episode, Tom Fox visits with Jennifer Arnold, a seasoned anti-money laundering (AML) professional. Jennifer is a co-founder of Minerva, the sponsor of this episode. Minerva is an innovative investigation and screening platform.
Minerva is an invaluable tool for financial investigators, enabling quick and efficient data analysis to support informed decision-making. She discusses Minerva’s capability to search for critical data, such as adverse media and criminal activity, enhancing the investigator’s role through automation and speed. By combining the expertise of skilled investigators with advanced data science, Minerva significantly maximizes the effectiveness of AML investigations in today’s data-rich environment.
We take a deep dive into how Minerva integrates AI into its processes for detecting financial crime. The technology employs simple data aggregation to target relevant data sources, performing entity resolution for a nuanced and accurate view of clients. This approach minimizes false positives, streamlines work for the Financial Intelligence Unit and ensures that information examined is meaningful and precise.
Key Highlights:
Introduction to Minerva’s AI Integration
Data Aggregation and Intelligence
Entity Resolution and Contextual Data
Accurate Client Risk Assessment
Reducing False Positives
Resources:
Jennifer Arnold on LinkedIn
Minerva
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Lori Darley on Conscious Leadership
Innovation comes in many forms, and compliance professionals need to not only be ready for it but also embrace it.
In this episode, Tom Fox interviews Lori Darley, a former professional dancer and current leadership coach.
Lori shares her career evolution from dance to founding Conscious Leaders, a coaching firm specializing in leadership development. She discusses the principles of self-awareness, personal responsibility, and the clearing process, which are central to her coaching philosophy.
Lori also emphasizes the importance of intentional leadership in fostering a positive corporate culture and touches on her experience in the compliance arena. Additionally, she talks about her book, ‘Dancing Naked,’ which explores her journey and insights as a conscious leader.
Key Highlights:
Lori Darley’s Professional Journey
What is Conscious Leaders?
The Clearing Process Explained
Conscious Leaders Wisdom Circle
Impact on Corporate Culture
Generational Tensions and Coaching Benefits
Resources:
Lori Darley on LinkedIn
Conscious Leaders
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Harnessing AI in Life Sciences
Innovation comes in many forms, and compliance professionals need to not only be ready for it but also embrace it.
Curious about Compliance as a Service and AI integration? If so, this episode is for you as Tom Fox interviews Matt Lowe, Chief Strategy Officer at MasterControl.
Matt shares his professional background, details MasterControl’s role in the quality management and life sciences markets, and discusses the company’s incorporation of AI in their software solutions.
The conversation delves into how AI is transforming compliance and quality assurance in the life sciences, the benefits and challenges of implementing AI, and the future outlook of AI in the industry.
Matt also touches on risk-based approaches to AI deployment and the evolving discussions around AI in industry consortia.
Key Highlights:
Incorporating AI in Compliance Training
Generative AI in Quality Management
Quality Assurance and Compliance
AI’s Role in Compliance and Risk Management
Implementing AI in Life Sciences
Future of AI in Life Sciences
Resources:
Matt Lowe on LinkedIn
Master Control
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Compliance as a Service and Affordable GRC Software for SMBs
Innovation comes in many forms, and compliance professionals need to not only be ready for it but also embrace it. Curious about Compliance as a Service and AI integration? Well, this episode is for you, as I have Paige Hanson and Brandon Woolf, co-founders of SecureLabs, discuss not only how AI technology can revolutionize compliance but also how the use of AI systems in Compliance as a Service is set to revolutionize the regulatory landscape.
Paige Hanson and Brandon Woolf are seasoned cybersecurity professionals. Hanson’s perspective, shaped by her role in developing a national training program for law enforcement and co-founding SecureLabs, emphasizes the importance of integrating security and compliance within organizations to foster a security-first culture and facilitate cross-departmental communication. She envisions a future where advanced AI systems enhance security environments and advocate for auditable processes for small to medium-sized enterprises.
Woolf, with his background in diverse cybersecurity roles, advocates for the integration of security and compliance within an organization. He highlights the importance of having a wide range of frameworks available to cater to the diverse needs of different industries and clients and sees a growing trend, especially for SMBs, in compliance as a service due to increasing security threats.
Key Highlights:
SecureLabs: Affordable GRC Software for SMB Compliance
Enhancing Organizational Culture Through Security Integration
Cybersecurity Compliance Benefits through Auditable Processes
Compliance Audits: Minimizing Fines Through Documentation
AI-driven Compliance Solutions for Enhanced Security
Resources:
Paige Hanson on LinkedIn
Brandon Woolf on LinkedIn
securelabs.ai
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Gamechanger 4 - Make Learning Playful
There is not much I enjoy more than sitting down with one of the innovative thinkers in compliance, Carsten Tams to find out what is on his mind regarding compliance. Tom Fox recently had the opportunity to do so on the topic of making compliance training memorable. Over this short, five-part series, we will introduce the problem and challenges and then provide you with four proven strategies for success in your compliance training.
In this concluding Episode 5, we discuss how making ethics and compliance training playful can enhance learning.
Our learning brain likes games. When people shift into a playful state of mind, they immerse themselves more deeply into the learning activity. Their mood brightens, their mind opens up, and they are intensely focused and more receptive to new information. Playful learning supports a deeper understanding of concepts, better recall of knowledge, and better transfer of skills to novel problems.
They explore the concept of the ‘Magic Circle’ in gaming, which engenders an immersive, playful state of mind that fosters openness and engagement. By employing game-based learning experiences like the ‘Ethics Kit Find Your Path’ card game, the discussion showcases how ethical scenarios can be addressed in an interactive, fun way.
Through the use of commitment, action, and resource cards, employees engage in collaborative problem-solving related to their organization’s ethical dilemmas. The episode emphasizes the importance of experiential, social, and strength-based learning, arguing that an engaging user experience (UX) in training not only makes learning enjoyable but also more effective in reinforcing ethical behaviors within organizations.
Highlights and Key Issues Discussed:
Introducing Playful Learning in Ethics and Compliance
The Magic Circle: A Concept for Playful Learning
Implementing Playful Learning: The Ethics Kit Card Game
Benefits and Outcomes of Playful Learning Experiences
Expanding Playfulness Beyond Games: Engaging Training Delivery
Key Takeaways from the Series
Resources:
Suggested Readings
Zosh, J. M., Hopkins, E. J., Jensen, H., Liu, C., Neale, D., Hirsh-Pasek, K., Solis, S. L., & Whitebread, D. (2017). Learning through play: a review of the evidence (white paper). The LEGO Foundation, DK.
Parker, Rachel & Thomsen, Bo & Berry, Amy. (2022). Learning Through Play at School – A Framework for Policy and Practice. Frontiers in Education. 7. 10.3389/feduc.2022.751801.
Carsten Tams on LinkedIn
Emagence Consulting
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